In this week’s newsletter, learn about:
The SBA reached $44.8 billion in funding to small businesses through more than 61,000 traditional loans in the last 12 months ending on Sept. 30, 2021.
“In the midst of a once-in-a-generation pandemic, the SBA’s mission-driven team delivered a record number of SBA’s traditional loans to our nation’s small businesses – in addition to more than $1.1 trillion in COVID-related relief since the start of the pandemic,” said SBA
Administrator Guzman.
More than $1.4 billion dollars in loans were made by SBA-approved lenders in Illinois, totaling 2,160 loans.
The COVID Economic Injury Disaster Loan (EIDL) program ends on Dec. 31, 2021. Businesses owners, non-profits, and other eligible entities must have applied or requested an increase by 10:59 pm CT that day to be considered for the program.
COVID EIDL Program Highlights
The SBA recently made program enhancements to support businesses throughout the COVID-19 economic disruptions.
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Lending Cap: The lending cap for the COVID EIDL program was lifted from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
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Deferred Payment Period: Loan payments are deferred for 24 months after loan origination.
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Expanded Eligible Use of Funds: COVID EIDL funds are now eligible to prepay commercial debt and make payments on federal business debt.
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Simplification of affiliation requirements: The SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.
For more information about COVID EIDL, visit the SBA website.
Upcoming COVID EIDL Illinois District Office Hours
Join the SBA’s Illinois District Office to learn about the changes to the COVID EIDL program and how to navigate the application and reconsideration process. The final date to apply to the COVID EIDL program is December 31, 2021.
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Wednesday, November 17, 3:30 p.m. – 4:30 p.m.
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Wednesday, December 1, 3:30 p.m. – 4:30 p.m.
Are you an entrepreneurial support organization? Join the SBA for the first Innovation Ecosystem Summit, taking place virtually on November 15-17, 2021. This summit aims to help you learn from and connect with other entrepreneur support organizations (ESOs)
in the STEM/R&D space so that you can better help your community. Here is what you can expect from this event:
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Three days of collaboration with fellow ESOs from across the country
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Curated content and programming – keynotes, fireside chats, and ask me anythings (AMAs)
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Opportunities to learn about best practices and initiatives from other ESOs
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How to help your entrepreneurs access government funding
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A chance to help shape and build the lab-to-market community
8(a) Orientation workshop/SAM Registration
Join us for an overview of 8(a) Business Development program including the eligibility requirements, program benefits, and training. This webinar will also discuss steps to registering in System for Award Management (SAM) database which is the registration
database required to do business with government. Wednesday, November 17, 9:30 a.m. – 11:00 a.m.
COVID EIDL Program Updates & Office Hours
The COVID Economic Injury Disaster Loan (EIDL) program is a federal disaster relief loan designed to support small business communities still reeling from the pandemic. Join the SBA’s Illinois District Office to learn about the changes to the program and how
to navigate the application and reconsideration process. The final date to apply to the COVID EIDL program is December 31, 2020. Wednesday, November 17, 3:30 p.m. – 4:30 p.m.
COVID EIDL Program Updates & Office Hours
The COVID Economic Injury Disaster Loan (EIDL) program is a federal disaster relief loan designed to support small business communities still reeling from the pandemic. Join the SBA’s Illinois District Office to learn about the changes to the program and how
to navigate the application and reconsideration process. The final date to apply to the COVID EIDL program is December 31, 2020. Wednesday, December 1, 3:30 p.m. – 4:30 p.m.
Stay updated
Visit
sba.gov/relief for updates on the loan programs, guidance for businesses and employers, and other SBA resources.
If you have questions about your already submitted COVID EIDL application, contact the SBA Disaster Customer Service Center at 833-853-5638 or
disastercustomerservice@sba.gov.
Follow
@SBA_Illinois on Twitter.
E-mail questions to
illinois.do@sba.gov.
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